NEW YORK (AP) – Check out the little red Corvette – motorboat, that is.

With 505 horsepower and a $120,582 price tag, it was attracting gawkers Wednesday at the New York National Boat Show, but would anyone buy it?

Thom Dammrich, president of the Chicago-based National Marine Manufacturers Association, which runs the New York boat show and others around the country, said boat sales are suffering from uncertainty in the housing market and stock market.

He said sales for 2007 were down about 15 percent from 2006, and he welcomed the Federal Reserve’s move to cut interest rates.

“We hope to see more cuts in the months and weeks ahead, because it will stimulate economic growth,” Dammrich said. “It will stimulate the stock market, and all of these things will make consumers more confident.”

Dammrich said there are about 300,000 new boats sold per year – including yachts, sailboats and motorboats but excluding canoes and personal watercraft – in the U.S.

The Corvette, one of just 25 produced, shared the display floor at the Jacob K. Javits Convention Center with boats of all sizes and accessories ranging from fishing lures to mattresses for a luxury yacht’s cabin.

Paulina Kalaj, staffing an exhibit for industry giant MarineMax, said the company sold 40 boats in the first three days of the show, which is comparable to last year.

“People are thinking, ‘If I can’t sell my home, I might as well go boating,”‘ Kalaj said.

John P. Wiley, a broker specializing in marine financing, was busy passing out cards but said his business was down by 25 percent.

“If consumer confidence is down, less people are feeling good about going out and buying a boat,” he said.

But Wiley said sales of high-end yachts costing $1 million or more continue to be brisk because there are well-off buyers who can afford them.

“Go ask them how much the cost of diesel is out on the water,” he said. “They don’t even know.”

Joseph Henn, of Lake Hopatcong, N.J., said he bought a 21-foot bowrider in October and wasn’t in the market for another boat. He said the economy has a direct impact on boat sales.

“As soon as the market goes down, and it’s down for a long time,” he said, “the men get rid of their toys.”

AP-ES-01-02-08 1738EST